Allows the subtraction from adjusted gross income of gambling losses incurred during a taxable year for state personal income tax purposes.
TITLE OF BILL: An act to amend the tax law, in relation to allowing the subtraction from adjusted gross income of gambling losses incurred during a taxable year for state personal income tax purposes
Would allow all New York taxpayers, regardless of income, to deduct gambling losses from their Federal Adjusted Gross Income which is used as the basis for calculating New York taxable income and taxes thereby decreasing their NY taxable income.
SUMMARY OF PROVISIONS:
Section 1 allows New York personal income tax filers to deduct the entire amount of incurred gambling loses regardless of income.
Section 2 sets forth the effective date.
Certain New York taxpayers, because of their income, either cannot deduct or cannot fully deduct the totality of their gambling losses on their New York State Personal Income Tax Submission to the NYS Department of Taxation and Finance. This current situation is unfair and should be remedied.
S. 4740 - Referred to Investigations and Government Operations.
To be determined.
STATE OF NEW YORK ________________________________________________________________________ 4740--A 2013-2014 Regular Sessions IN SENATE April 19, 2013 ___________Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to allowing the subtraction from adjusted gross income of gambling losses incurred during a taxa- ble year for state personal income tax purposes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 41 to read as follows: (41) GAMBLING LOSSES INCURRED DURING A TAXABLE YEAR. S 2. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2014.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10312-02-4